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USDJPY : Broke Down From Rising Channel

(USDJPY : 4 Hour Chart)

USDJPY was earlier trading within a rising channel which it broke today by moving down below the support trend line of the channel. All the moving averages are moving parallel to each other showing the agreement among investors about the trend. On the Stochastic Oscillator the %k line is now above the %D line signaling the bearish movement in the pair. The pair trading in the overbought zone since 22 March 2013. From the chart the 200 day SMA seems like a resistance for the pair. The nearest support the pair will find is at 101.75 or from the 100 day SMA declining below which will give a bearish outlook on the pair.